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865 Important "Tax Returns Filing” Questions and its Answers

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What is the process for revalidating 80G and 12A?

Revalidating your 80G and 12A registrations in India is crucial to maintaining tax benefits and donor trust for your non-profit organization. Here's a breakdown of the process: Preparation (At least 6…

How to change profile in TRACES portal?

Kindly check this video.

How to register TDS deductor on Income Tax Website?

Kindly check this video.

How to reset Traces (TDS) Login User ID & Password by Tax Deductor?

Check this video.

What are the proofs in KSFE fixed deposits/chit funds that can be submitted to clarify the source of money, to income tax dept? Eg. Any FD Certificate

For fixed deposits we give Fixed Deposits Receipts and for Chitty you will get passbook as proof.

If I receives a huge sum(in lakhs) through KSFE auction or price money, Where should I put this amount during income tax filing. Is this considered as an income? Am I liable for any tax even when I come under basic exemption limit?

It depends how you utilize the prize money. If you are a tax payee and if you are depositing the chitty prize money as fixed deposit in the branch itself. Tax will be deducted @ 10% and can submit during…

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I am working for a company abroad online from india. I am getting paid in crypto. Is this legal if i convert to cash? If so how i file tax for my salary?

First things first, Crypto, although taxed, is still not legal in India! There are many platforms to receive your money in legal currency, such as Paypal, Stripe, etc. So, it's better to use them!Secondly,…

I have filed an revised ITR (let's say t1) and I everify it also. But mistakenly i filed revised ITR again (let's say t2) which I didn't everified. I'm continuously getting emails from dept to e verify my ITR(t2).I want t1 to be taken.Any suggestions?

Don't E-verify it and discard the ITR after 30 days!

How to resolve a validation error - "the date should be before 01/04/23 for AY 2023-24" while filing ITR?

Please start filing afresh after clearing your browser cache. If you still face any difficulties, kindly share your details (along with PAN& your Mobile No.) at orm@cpc.incometax.gov.in. Our…

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KSFE Chitty vilich edutha amount taxable aano? Ath total income compute cheyyan include cheyyano ? Income from other sources il?

വിളിച്ചെടുത്ത തുക Taxable അല്ല. തുക deposit ചെയ്യുകയാണെങ്കിൽ ആയതിന്റെ പലിശ Taxable ആണ്.

I am living in a rented house. I want to start my e-commerce business in this property. So i need GST for the same. For GST registration i have rented agreement and electricity bill with me. Do i need Aadhar card and pan card of the landlord also?

No as business you are going to take it ahead the details required is yours, only rent agreement we need to collect it from the land Lord and also a consent from him. For more details you can contact…

I am permanent resident of canada but citizen of india. I earn some money online by working with Google Adsense and it comes to my indian saving bank account. I am confused if that income will be considered with indian tax system or canadian tax system. I know that saving account should be converted to NRO and I am also planning to do the same. Will I need to pay tax in india for money that are deposited in indian account?

Yes you will require to file ITR for your income generated in Indian bank account and also if you have and FD you need to show that too. I request you to please convert your bank account to…

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I have sold house property in Gujrat and the buyer has taken bank loan.Bank has given two cheques one for sale deed value and other for extra work in house. How it will be shown in ITR?

The total amount of both cheques will be considered as your sale consideration.LTCG will be calculated as:Sale consideration - Indexed value of purchase cost.The profit will be taxed at 20%.But if you…

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I'm a returning NRI. Will be Resident but Not Ordinary Resident (RNOR). My company asked me to work as an independent consultant (not employee, they don't have Indian entity). What is the best payment method available and also the tax implications?

As a returning NRI who will be classified as Resident but Not Ordinary Resident (RNOR), if you are working as an independent consultant in India, you may be eligible to file your taxes under the presumptive…

I work for a UK company in UK (British citizen with OCI card). I am moving to India now. I want to keep receiving salary & pay tax in UK. My employer is Ok with it. Since I'll become Indian resident, how to claim DTAA? Any additional taxes in India?

As per Article 1 of DTAA, the benefit of a DTAA agreement will be applicable only for a resident. Thus a Non-Resident cannot claim relief under Sections 90, 90A and 91. Therefore, a non-resident should…

What are the ways for the rich to not pay taxes in India without going to Dubai?

Very complex question. But there are many way outs. One of the solution is investment in equity for long term investment. Taxability arise only when you sell the holdings. Tax rate is also as low…

How to file a late ITR? I missed filing for assessment year 2021-22, the final deadline for which was Mar 31 2022. I need to file as an individual. I had tax outstanding which I paid but did not file after paying.

You can file an updated return using ITR form U. you have to pay additional tax amount.

I live and earn income in India. Will I be liable to tax on Indian income if I procure Canada PR but haven't moved to Canada nor earn any foreign income?

Why would you get PR if you dont plan to move to Canada. The answer is no you will not be responsible for it. Unless you landed and keep the PR.

How can business owners save tax in India?

There are many options with wonderful tax planning. from the base level of routing of expenses and to splitting of business / investment. it all depends on the size of your business.

Can we raise commercial society maintenance invoice in a name of tenant for saving other taxes or it must be in a name of owner only?

Maintenance charges should be in the name of the Owner/Owner's Firm only!

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How to file TDS on the Sale of Property?

TDS stands for Tax Deducted at Source. At the time of purchasing property, the buyer is liable to deduct TDS from buying price and pay TDS to Income Tax Department. Who Pays TDS: As per the…

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How can I pay TDS online for property purchase?

TDS stands for Tax Deducted at Source. At the time of purchasing property, the buyer is liable to deduct TDS from buying price and pay TDS to Income Tax Department. Who Pays TDS: As per the government…

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What is TDS? How to pay TDS on purchase of property?

TDS stands for Tax Deducted at Source. At the time of purchasing property, the buyer is liable to deduct TDS from buying price and pay TDS to Income Tax Department. Who Pays TDS: As per the…

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How an NRI does repatriation of funds?

For repatriation of funds mostly you have to file 15CA/CB forms through a CA, if your income is taxable in India. Else you can file a form 15CA part D through Income tax login, and submit these forms…

My name in the pan card, aadhar card and the bank account are same. But my name in the itr does not match.So i am unable to refund TDS. What to do?

Has your bank account prevalidated?Did you recently applied for a change of name in Pan Card?Need to check some other details also.You can contact Income Tax Call Centre (Number available on the Income…

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What is Foreign Tax Credit? And Foreign Tax Credit Rules

Sections 90 and 91 of the Income-tax Act deal with the idea of FTC under India’s tax regulations. Section 90 deals with claiming FTC (Foreign Tax Credit) in situations where India has entered into…

What is Cost Audit?, Features of Cost Audit, Cost Audit Applicability, and Types of Cost Audit

A cost audit entails verifying cost accounts and ensuring that the cost accounting plan is followed. Cost audits check the correctness of cost accounting records to make sure they are in line with cost…

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Who can file an Updated Income Tax Return in form ITR U?

Any taxpayer who is eligible to update returns for Financial Year 2019-20 and following assessment years as per the provisions mentioned in the Income Tax Act can file the updated Income Tax Return via…

What is the Form ITR U?

The new ITR Form U, is a form to file an Updated Income Tax Return, wherein a taxpayer can update his/her previously filed Income Tax Return within 2 years by paying additional taxes.

What is the Provision of Section 35AD of the Income Tax Act?

The deduction is granted under section 35AD for any capital expenditure incurred solely and exclusively for carrying out a specified business. Notably, the section 35AD deduction does not apply to expenses…

Can a firm claim a deduction under section 80HH if it receives a deduction under section 35AD?

A specified business that has received a deduction under Section 35AD of the Internal Revenue Code cannot claim a deduction under Chapter VIA. This means it is not eligible for a deduction under Sections…

What is Section 35AD of the Income Tax Act?

An assessee shall be permitted a deduction in respect of the whole of any capital expenditure incurred, entirely and exclusively, for the purposes of any specified business carried on by him during the…

105

Is AO approval not reqd if amount in cg acct. is less than 5 lakhs (interest only ) while closing it?

Required if you are not utllising for the concerned purpose.

How to generate TRACES login using registered TAN?

Procedure on “How to generate TRACES login using registered TAN?”Step 1 – Login to TDS – CPC portal. Step 2 – Enter login ID & Password. Step 3 – Click on the profile menu. Step 4 –…

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What is the Password for TDS Form 16?

What is form 16?Form 16 is a kind of an acknowledgment receipt that states that the tax that has been deducted from your salary and the same has been deposited with the Income Tax Department.Form 16 is…

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I update my 2021-22 itr. But updation error was mismatch gross turnover by bank. What is the solution?

Well, while filing an ITR, we need to be very careful and not make any mistakes. However, many times we unwillingly make errors in filing ITR. Now the Current Income Tax Laws allow filing a revised Income…

How do I file my ELSS return in ITR?

Login to the new ITR Portal.Use your PAN card to access the portal.Double-check your bank information if it is already saved in the gateway, or enter it if it is the first time.Select the File Return…

Can I update the GST invoice?

Yes, you can if the change is within the same month!If the month has changed, it is better to raise debit/credit notes to effect the change.Hope this helps!Regards,Feel free to contact for any doubt:…

What is the income tax on a salary of Rs.15 lakhs per annum?

Nearly 2.62 lakhs as per old regime.

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If my salary is paid in crypto, how can I report this tax filing in India since the price of crypto fluctuates?

You can consider the value of crypto on the date of receipt.

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How do I report cryptocurrencies on my tax returns?

If cryptocurrencies are held as an investment, you have to show it under the head of Capital Gains. Gains from which are chargeable @ 15% if held for less than 36 months.If you are regularly trading in…

What kind of taxes are cryptocurrencies subjected to in India?

Income Tax

Is it necessary that I file taxes for my cryptocurrency?

Yes, you have to file an Income Tax Return if your total income from all sources is more than Rs. 2.5 Lakhs. While filing your Income Tax Return, you have to disclose all your income.Hope this helps!Do…

I am owning a flat under the Panchayat limit in Bangalore and have been paying the property tax every year to Panchayat Office. What will happen when my area is moved from the Panchayat limit to the BBMP limit? Do I need to pay property tax again to BBMP since the beginning (since my flat was registered to me), or producing the property tax receipt from the Panchayat office is enough? What is the process on this?

Need not to pay property tax again to BBMP since the property registration. Continue to pay property tax to BBMP from the time property converted from panchayat to BBMP. ---------Apply for new property…

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I have sold my plot of 500 sq yds in April 2021 for Rs 37.50 lakhs and I am a senior citizen. Do I have to pay income tax as I have no income except from GST sales in business as manufacturers?

To know your tax liability more details about your property is required, viz date of purchase, amount of purchase etc. If your capital gain and business income for the FY 2021-22 is more than Rs.2.50…

Do you have to pay income tax on CSIS subsidy of education loan?

How much subsidy you receive in a financial year ?More than Rs.2.50 lakhs ?

127

For an NRI, what are the documents required to apply for PAN card ? Can it be done online ?

You can do it with the copies of your Passport. It can be done online.

While transferring money from NRE to savings account online, will the recipient have to pay tax ?

There is no tax liability for transferring fund from NRE to local account.

I worked in UK from Feb 1st 2020 till Jan 30th 2021, moved back to India on 31st Jan 2021. After moving to India my employer deducted the taxes for whole year again in India. Which means I have paid taxes in UK and even though I'm not in India, taxes were deducted. Would like to know whether I claim refund on tax deducted in India while filing?

Whether your employer in India & UK is same person ?Even though keeping the NRI status you will be taxed in India from Feb & March 2021.If extra Tax deducted; you can claim as refund.

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Is it possible to start a branch office of a company abroad to expand business operations in India?

Yes. It is possible to set up a branch office in India of a Company abroad. One must meet the eligibility criteria for setting up the office and then comply with the procedural requirements laid down…

How to get AHL TIN for Digital Ration Card application?

AHL TIN stands for Abridged Household List- Transaction Identification Number. It is a unique number provided to each member of family in the ration card. Follow the below steps to get AHL TIN number.…

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What is the difference between TIN and PAN ?

Taxpayer Identification Number or TIN is the registration number assigned to business enterprises and organizations. It is a eleven digit number to be quoted in all tax and business related transactions…

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What is TAN Number ?

Tax Deduction and Collection Account Number (TAN) is a 10 digit number issued to persons who are required to deduct or collect tax on payments made by them under the Indian Income Tax Act, 1961

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How do I know that ITR has been filed successfully?

If you are filing on the last day, there might be delays as servers are overloaded. So, make sure that you have received an acknowledgement number from the tax department. This acknowledgement is sent…

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563

Which is the correct address to provide in ITR?

Better to give address of the place where you currently reside

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What to do if I have filed an erroneous return?

If you have not verified your ITR V yet, you can just refile. If you have discovered an error immediately after filing, it is advisable that you do not verify such a return as your tax processing starts…

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What is Form 26AS ?

A taxpayer may pay tax in any of the following forms:(1) Tax Deducted at Source (TDS)(2) Tax Collected at Source (TCS)(3) Advance tax or Self-assessment Tax or Payment of tax on regular assessment.The…

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Do I need to report all my bank accounts in ITR Forms?

It is not compulsory to provide details of accounts which are dormant. If you have a current or a savings bank account and have not done any transactions through it for more than 12 months, then…

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What happens if I dont file income tax returns ?

Non-payment of tax attracts interests, penalty and prosecution. The prosecution can lead to rigorous imprisonment from 3 months to 2 years (when the tax sought to be evaded exceeds Rs. 25,00,000 the punishment…

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What is difference between TIN and TAN ?

Tax Identification Number is the eleven digit unique code allotted to businesses, to track Value Added Tax transactions Tax Deduction Account Number is ten digit distinct code mainly for simplifying collection…

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If I have paid excess tax, how will it be refunded to me ?

The excess tax can be claimed as refund by filing your Income-tax return. It will be refunded to you by crediting it in your bank account through ECS transfer. The department has been making efforts to…

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If I fail to furnish my return within the due date, will I be fined or penalized ?

Yes, if you have not furnished the return within the due date, you will have to pay interest on tax due. If the return is not filed up to the end of the assessment year, in addition to interest, a penalty…

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Why is a cheque in India returned with a return code 40 saying present with document?

Cheque gets returned due to a number of reasons such as insufficient funds, illegible signature, payment stopped by court order etc. Each of these cheque return reason is given a return code. Return code…

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Can a return be file after the due date ?

Yes, if one could not file the return of income on or before the prescribed due date, then he can file a belated return. A belated return can be filed at any time before the end of the relevant assessment…

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698

I have made a mistake while filing IT Returns. Can I make corrections in it ?

Original return can be revised under section 139(5) within a period of one year from the end of the relevant assessment year or before completion of the assessment whichever is earlier if person furnished…

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What should I select while uploading the ITR-3 regarding the section 119 (2) (b) question?

If you want to file income tax returns for a financial year, whose due date of filing income tax return and due date of filing belated income tax return has elapsed, you can file income tax return under…

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Is TIN same as Tax Information Network ?

Taxpayer Identification Number (TIN) is to be distinguished from Tax Information Network, which have the same acronym. The IT Department of India, to systematically and smoothly run the collection and…

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What is AHL TIN?

AHL TIN stands for Abridged Household List- Transaction Identification Number. It is a unique number provided to each member of family in the ration card. Benefits of knowing AHL TIN number Used for getting…

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How to apply for TAN Registration?

Follow the below steps to apply for TAN registration. Visit TIN website Select ‘TAN’ under the ‘Services’ dropdown Click on ‘Apply Online’ Select ‘New TAN’…

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How to make corrections in TAN ?

You can visit this link to make corrections in TAN. https://tin.tin.nsdl.com/tan/ChangeRequest.html

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What is difference between PAN and TAN card ?

Permanent Account Number (PAN) is the unique identification number to file IT returns, usually for the salaried people or any other person who receives taxable income. While TAN is the unique identification…

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What should I select while uploading the ITR-3 regarding the section 119 (2) (b) question?

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How to lodge complain about Goods and Service Tax?

Follow the below steps to lodge a complaint Visit https://selfservice.gstsystem.in/ Click on "Report Issue/Complaint" In the "Type of Issue/Concern" box, enter your issue. The system will show a drop…

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I want to know my AHL TIN number. How to get it ?

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Where is AHL TIN Number on Ration Card ?

It cannot be find on Ration Card. Follow the below steps to get AHL TIN number. Search for “SECC List for Landless Manual Casual Labour Survey” in google. This is because the concerned department…

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How to resolve a validation error - "the date should be before 01/04/23 for AY 2023-24" while filing ITR?

Please start filing afresh after clearing your browser cache. If you still face any difficulties, kindly share your details (along with PAN& your Mobile No.) at orm@cpc.incometax.gov.in. Our…

4257

Who can use Return Form ITR - 2?

For A.Y 2019-20, Form ITR – 2 can be used by an individual and Hindu Undivided Family who is not eligible to file ITR-1 Sahaj and not having income from “profit and gains of business or profession”…

Can I use my income tax return copy as an income certificate for making an EWS certificate in Uttar Pradesh?

Income Tax returns copy or Payslips can be used as proof of your income for making EWS certificate in Uttar Pradesh.

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Who can use ITR - 1 (SAHAJ)?

Return Form ITR - 1 (SAHAJ) can be used by an individual whose total income includes:(1) Income from salary/pension; or(2) Income from one house property (excluding cases where loss is brought forward…

Where to get link for the AHL TIN number?

If you are from West Bengal, you can check from this link. SECC WB 2011

607

I have to submit Form 15G/ 15H to the bank to avoid higher TDS on the interest earned from a fixed deposit. Can I give my Aadhaar number instead of PAN to the bank?

Notification dated November 6, 2019 has amended Form15G (Individuals)/Form 15H (senior citizens) which allows quoting of either Aadhaar number or PAN to avoid higher TDS in Form 15G/Form 15G. Therefore,…

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I am paying monthly rent exceeding Rs 50,000. I need to deduct TDS for the payments to my landlord. Can I use my landlord's Aadhaar number to deposit TDS with the government?

Yes, you can use your Aadhaar number to deposit the TDS to the government. You will be required to mention your landlord's Aadhaar number. The TDS will be deducted at the rate of 5 per cent. To deposit…

180

Who cannot use Return form ITR - 1 (SAHAJ)?

Return Form ITR - 1 (SAHAJ) cannot be used by an individual: • Who is a Non-resident or Not Ordinarily Resident • Who is a Director of a company …

103

I have recently joined a new job. I am supposed to give details of my income from my previous employer to the current one. Can I give this information using my Aadhaar number?

While joining a new job in the middle of the year, an individual is required to furnish income details of the previous employer to the current employer using Form 12B. The declaration helps the new employer…

486

What is Service tax? How to register for it ?

Service Tax Registration is a tax registration required for businesses providing services in India. Service tax registration is an indirect tax wherein the service provider pays the tax and recovers the…

572

I have bought a property during the financial year 2019-20 for Rs 60 lakh. While making a payment, I am supposed to deduct TDS at the rate of one per cent. Can I use Aadhaar number instead of PAN of the seller to quote in the TDS return Form 26QB?

As per income tax laws, it is mandatory for the buyer of the property to deduct TDS before making payment to the seller if the value of the property exceeds Rs 50 lakh. The tax has to be deducted at the…

221

Is an income tax payee farmer or his /her spouse eligible to get benefit under the Pradhan Mantri Kisan Samman Nidhi scheme?

No. if any member of the family is income tax payee in last assessment year, then the family is not eligible for benefit under the scheme.

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Should married female provide father’s name?

While providing the full name, applicant should provide father’s name and hence, married female should provide father’s name and not husband’s name.

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Can income from assets transferred to son’s wife without adequate consideration be clubbed with the income of transferor, i.e., father-in-law/mother-in-law?

As per section 64(1)(vi), if an individual transfers (directly or indirectly) his/her asset to his/ her son's wife otherwise than for adequate consideration, then income from such asset will be clubbed…

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Is minor child’s income clubbed with the income of parent?

As per section 64(1A) , income of minor child is clubbed with the income of his/her parent (*). Income of minor child earned on account of manual work or any activity involving application of his/her…

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Can income from assets transferred to any person for the benefit of spouse or for the benefit of son’s wife without adequate consideration be clubbed with the income of transferor?

As per section 64(1)(vii), if an individual transfers (directly or indirectly) his/her asset otherwise than for adequate consideration to a person or an association of persons for the immediate or deferred…

How to link Aadhaar number with PAN using e-Filing portal?

Taxpayer is required to login on e-Filing portal using his registered username and password. After login, he will get the “link Aadhaar” option under his ‘Profile Settings’. Aadhaar…

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How to link Aadhaar number with PAN?

Aadhaar number can be linked with PAN by any of the two ways: Using SMS facility Using facility on e-Filing portal Income Tax India website.

How PAN is formed and how it gets its unique identity?

PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. The formation of PAN is discussed below : Out of the first five characters, the first three characters represent the…

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Who has to obtain PAN?

PAN is to be obtained by following persons: Every person if his total income or the total income of any other person in respect of which he is assessable during the previous year exceeds the maximum amount…

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I am an NRI. I had sent INR 66 lakh to my sister 3 years ago. How can she repay me so that I don’t have to pay a tax on the amount received?

It appears that your sister is based out of India and is returning a loan she took from you. This payback is not a gift for the purpose of income tax. She may or may not be paying interest to you, depending…

Many US citizens living in India maintain some of their assets in the US itself. Are such citizens required to report their US investments in India? If yes, what’s the process of doing so?

As per the Income-tax Act, 1961, a person who is a resident in India and who meets the below criteria, is mandatorily required to file Income Tax Return (ITR) in India and report details of…

What is the utility of PAN?

PAN enables the department to link all transactions of the assessee with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence…

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How to link Aadhaar number with PAN using SMS facility?

Taxpayer who wants to link their Aadhaar number with PAN is required to send SMS to 567678 or 56161 in following format: UIDPAN<space><12 digit Aadhaar><space><10 digit PAN> Example…

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Are there any charges to be paid for obtaining the PAN?

The applicant has to pay a fee of Rs. 93 + GST as applicable, per PAN application. In case, the PAN card is to be dispatched outside India then the fee for processing PAN application is Rs. 864 (Rs. 93…